INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET

11. INTANGIBLE ASSETS, NET

The following table summarizes the components of the Company’s intangible assets for each of the periods indicated:

	As of December 31,
	2024			2023
	(in thousands)
In-licensed rights	$	32,673		$	32,673
Patents		4,858			4,889
Software licenses		302			302
Intangible assets, gross		37,833			37,864
Less: accumulated amortization		(10,946	)		(8,244	)
Intangible assets, net	$	26,887		$	29,620

The in-licensed rights relate to agreements with UWA, Nationwide, BioMarin and PPMD. These in-licensed rights are being amortized on a straight-line basis over the remaining life of the related patent because the life of the related patent reflects the expected time period that the Company will benefit from the in-licensed rights. There were no additions of in-licensed rights during the year ended December 31, 2024. For more information related to the Company's in-licensed rights related to its license or settlement agreements with Nationwide, BioMarin and UWA, please refer to Note 3. License and Collaboration Agreements. For the years ended December 31, 2024, 2023 and 2022, the Company recorded $2.7 million, $1.9 million and $1.9 million, respectively, of amortization expense related to intangible assets.

The following table summarizes the estimated future amortization for intangible assets:

	As of December 31, 2024
	(in thousands)
2025	$	2,648
2026		2,513
2027		2,444
2028		2,366
2029		1,957
Thereafter		14,959
Total	$	26,887